□ Our reporter Huang Jintao
Baosteel and Vanke warrants have expired in succession, and the market is worried that the decrease in the number of warrants will increase the speculative nature of warrants. Our reporter selected relevant industry insiders for this purpose.
Ge Xinyuan, the chief financial engineering analyst of Guosen Securities and the deputy general manager of the derivatives headquarters, believes that the speculative nature of the warrant market is caused by the relationship between supply and demand on the one hand, and institutional factors on the other. Warrants, as the only "T+0" trading variety at present, will have an institutional premium. As ETFs or other varieties will also start to launch "T+0" transactions in the future, this will reduce the speculative and active degree of the warrant market. Therefore, we cannot simply assume that if the number of warrants in the warrant market decreases, its speculation will certainly increase. After Baosteel Warrants and Vanke Warrants have completed their life course, investors who have gone through these courses will also have a deeper understanding of warrants, which is also an important factor in curbing excessive speculation in warrants.
Ge Xinyuan said that there are two main factors affecting the warrant market in the near future: one is the doomsday round effect, and the other is the trend of the positive stock market. These two factors are the core factors that determine the warrant market. As warrants continue to expire, the premium level of the entire warrant market will inevitably gradually narrow. The whole warrant market will be a process of fluctuating value return.
safety negotiable securities Jiao Jian, the person in charge of warrant business, said that it is of little significance to predict the future rise and fall of the warrant market, and the future trend of warrants will increasingly rely on the trend of positive shares. Some warrants may reproduce the leverage effect, such as Wanhua warrant Wuliangye Warrants Youngor Warrants, investors can pay due attention to them.
